Algert Global LLC Decreases Stock Holdings in Prosperity Bancshares, Inc. (NYSE:PB)

Algert Global LLC lowered its position in shares of Prosperity Bancshares, Inc. (NYSE:PB) by 48.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,255 shares of the bank’s stock after selling 21,160 shares during the period. Algert Global LLC’s holdings in Prosperity Bancshares were worth $1,604,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Cerity Partners LLC boosted its position in shares of Prosperity Bancshares by 22.6% during the 3rd quarter. Cerity Partners LLC now owns 6,282 shares of the bank’s stock worth $453,000 after acquiring an additional 1,157 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Prosperity Bancshares by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,183,295 shares of the bank’s stock worth $85,280,000 after purchasing an additional 6,518 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Prosperity Bancshares by 190.0% in the third quarter. First Horizon Advisors Inc. now owns 815 shares of the bank’s stock valued at $59,000 after purchasing an additional 534 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Prosperity Bancshares by 61.8% in the third quarter. Advisors Asset Management Inc. now owns 4,842 shares of the bank’s stock valued at $349,000 after purchasing an additional 1,849 shares during the last quarter. Finally, LMR Partners LLP acquired a new stake in Prosperity Bancshares during the third quarter worth approximately $574,000. Hedge funds and other institutional investors own 80.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. StockNews.com cut shares of Prosperity Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Truist Financial lowered Prosperity Bancshares from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $81.00 to $79.00 in a report on Friday, September 20th. Wedbush reissued an “outperform” rating and issued a $90.00 target price on shares of Prosperity Bancshares in a report on Thursday, October 24th. DA Davidson downgraded Prosperity Bancshares from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $78.00 in a research note on Tuesday, October 15th. Finally, Barclays lifted their target price on shares of Prosperity Bancshares from $75.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.96.

Insider Activity

In other Prosperity Bancshares news, Chairman H E. Timanus, Jr. sold 4,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $86.50, for a total transaction of $346,000.00. Following the sale, the chairman now owns 229,953 shares in the company, valued at approximately $19,890,934.50. This represents a 1.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ned S. Holmes sold 500 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $83.96, for a total value of $41,980.00. Following the completion of the transaction, the director now directly owns 114,315 shares of the company’s stock, valued at approximately $9,597,887.40. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,100 shares of company stock worth $520,264 over the last 90 days. 4.28% of the stock is currently owned by corporate insiders.

Prosperity Bancshares Stock Down 0.7 %

Shares of Prosperity Bancshares stock opened at $84.15 on Thursday. Prosperity Bancshares, Inc. has a 52-week low of $57.16 and a 52-week high of $86.75. The company’s 50-day simple moving average is $75.31 and its 200-day simple moving average is $69.39. The firm has a market cap of $8.02 billion, a price-to-earnings ratio of 17.87, a price-to-earnings-growth ratio of 1.27 and a beta of 0.89.

Prosperity Bancshares (NYSE:PB) last issued its earnings results on Wednesday, October 23rd. The bank reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. The company had revenue of $459.00 million for the quarter, compared to analyst estimates of $299.83 million. Prosperity Bancshares had a net margin of 25.39% and a return on equity of 6.46%. During the same period in the previous year, the firm earned $1.20 EPS. Equities research analysts anticipate that Prosperity Bancshares, Inc. will post 5.05 EPS for the current year.

Prosperity Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be issued a $0.58 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 2.76%. This is a boost from Prosperity Bancshares’s previous quarterly dividend of $0.56. Prosperity Bancshares’s dividend payout ratio is currently 49.26%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.